FIRS further extends the deadline on penalty and interest waiver till 31st December, 2020.

FIRS further extends the deadline on penalty and interest waiver till 31st December, 2020.

The Federal Inland Revenue Services (FIRS) on Wednesday November 4, 2020, issued a public notice to further extend the deadline for waiver of penalty and interest arising from tax assessment to 31st December 2020.

In the public notice, FIRS acknowledges the hardship facing the business owners due to Covid 19 Pandemic and disruption of business operation and loss of properties occasioned by the recent unrest in the country as a result of #EndSARSprotest.

The following are the tax palliatives available to the taxpayers from the FIRS:

  1. Waiver of interest and penalty on tax assessment arising from Self-Assessment and Government Assessment (Desk audit, field audit or investigation) so far, the principal liability is fully settled on or before 31st December 2020.
  2. Extension of monthly VAT & WHT returns filling to end of month.
  3. Acceptance of Naira equivalent for taxes due on FX transactions because of scarcity of foreign currencies.

WYZE Comment: This is a laudable effort from the federal tax authority in alleviating the suffering of business owners in the country. We urge taxpayers to take advantage of these palliatives.